Gerrit Cole Agrees to 4-Year, $144 Million Contract Extension with Yankees

Cole to Remain with ​Yankees Beyond Next Season

Pitcher Gerrit Cole has agreed to a 4-year, $144 million contract extension with the New York Yankees, as‍ reported by several US media outlets, including New York Post journalist John Heyman. The contract, which runs until 2028,​ includes the ⁤possibility of further extension.

Cole initially joined the Yankees in 2019 on a 9-year, $324 million contract, which was set to expire in 2028. However, he exercised his right ‍to opt-out of the contract after the end of the season. The team had the option⁤ to ignore his waiver by adding a $36 million annual ​salary in 2029 to his 4-year, $144 ⁤million contract starting next season.

According to Jeff Passan of ‌ESPN, negotiations regarding a possible contract extension will continue. “Basically,⁣ it’s as if Cole hasn’t given up,” Passan said. ‍If the $36 million ‍annual salary for 2029 ​is added, the contract size from 2020 will be a total ⁤of $360 million over 10 years, surpassing the 12-year total of $325 million signed by pitcher Yoshinobu Yamamoto with the Dodgers last offseason.

Cole, 34, had​ a remarkable season, going 15-4 with a 2.63 ERA⁢ and winning the Cy Young Award. This season, he pitched in 17 games with 8 wins, 5‍ losses, and a 3.41 ERA, and in the postseason, he recorded 1 win, 0 losses, and a 2.17 ERA in 5 games, showcasing ‌his ace-level performance.

Contract Details

• Contract ⁢length: 4 years
• Contract value: $144 million
• Contract extension ‍possibility: Yes
• Annual salary for 2029: $36 million (optional)
• Total contract ‍size from 2020: $360 million (if 2029⁢ salary is added)